UK based Fintech money transfer service Azimo has partnered with leading African payments business Interswitch Group. The announcement came during a UK trade delegation to Africa arranged by the PM’s office. Azimo was the loan Fintech to join the small group of firms traveling to Africa to promote new ventures. According to Azimo, the deal will further enable instant money transfers from 23 countries in Europe to any customer in Nigeria- Azimo’s biggest market.
“A huge and rapidly growing population coupled with the explosion of smartphone ownership mean that Africa and in particular Nigeria is one of the most exciting fintech markets on the planet,” commented Michael Kent, Founder and CEO of Azimo. “We look forward to working with fintech leader Interswitch to build new digital low-cost financial services that drive inclusion and transform the financial lives of our customers in both the UK and Africa.”
Azimo explains that digital money transfers play a significant role in the growth of Nigeria’s economy. Remittances to the nation were worth $22 billion in 2017 – the equivalent of 5.6% of Nigeria’s GDP and higher than the country’s oil revenues. Azimo’s partnership with Interswitch should be mutually beneficial and will also provide access to a population that is chronically underbanked.
Mitchell Elegbe, Group Managing Director and CEO at Interswitch, said they formed the partnership with Azimo as they recognized the firm as a global leader in payments with a strong knowledge of their markets.
“This agreement is a key milestone in our common strategy to better serve the Nigerians where ever they are located around the world,” said Elegbe, Group Managing Director and CEO at Interswitch.
Over time, the deal expects the two companies to build new mobile based financial services for Interswitch’s expanding customer base of over 25 million people in Nigeria, Kenya, Uganda and Tanzania.